Understanding the Impact of Stricter EU Regulations on Crypto Platforms
As a crypto enthusiast, it is essential to stay informed about the latest regulatory developments that could impact the industry. Recently, the European Commission announced that crypto platforms with user numbers exceeding a specific threshold will be subject to stricter regulations under the Digital Services Act.
Here’s what you need to know:
Key Changes to EU Regulations:
- Crypto platforms with over 45 million users are designated as very large online platforms (VLOPs).
- These platforms must take additional measures to combat illegal content, harmful material, and counterfeit products.
- Failure to comply with the new regulations could result in penalties of up to 6% of the platform’s global annual turnover.
Impact on Crypto Platforms:
- Temu, a fast-growing crypto platform, recently surpassed the user threshold, leading to its designation as a VLOP.
- The platform will need to adhere to the strictest rules outlined in the DSA within four months of notification.
- This includes measures to address systemic risks and protect users within the EU.
Response from Temu:
- Temu has expressed its commitment to complying with the regulations to ensure user safety and transparency.
- The platform aims to protect users in the EU from counterfeit goods, illegal products, and intellectual property infringements.
By
By
By